'Sharp rise' in office space deals

Office design news from Morgan Lovell

Published on 16-01-2012

The total volume of office space which was taken up in Leeds in 2011 was up by almost half on the previous year, according to new statistics.

Figures released by the Leeds Agents’ Forum showed that 398,159 sq ft was taken up in a total of 106 city-centre deals last year. This figure was a 40% increase on the 2010 tally and down only 9% on the five-year average of 437,386 sq ft.

The final quarter of 2011 resulted in 87,050 sq ft of transactions, including Towry taking up 10,994 sq ft at Toronto Square, BSkyB acquiring 10,235 at 2 Wellington Place and Northgate Arinso UK securing office interiors measuring 5,314 sq ft at Riverside West

Officials said that deals involving best-quality office space continue to rise after 43% of Grade A stock was leased in the final quarter of 2011.

A statement by the Leeds Agents’ Forum said: "The trend towards smaller-sized deals in the sub 5,000 sq ft bracket continued in quarter four; there was only three city centre transactions over this size to complete. Occupier activity was driven by a broad range of sectors including recruitment, financial and media."

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